• Offering consists of 16,359,429 shares
  • Subscription period open from Monday, 29 December 2025  to Monday, 19 January 2026
  • Open to all eligible Bahraini and non-Bahraini investors

Following the publication of its IPO prospectus on 24 December 2025, Silah Gulf (the “Company” or “Silah”) (a portfolio company of Bahrain Mumtalakat Holding Company and a leading customer experience (“CX”) and business process outsourcing (“BPO”) service provider operating in Bahrain, Saudi Arabia, and Kuwait) announces that today marks the commencement of its Initial Public Offering (“IPO”) subscription period. The offering comprises 16,359,429 new shares, representing 30% of the Company’s total issued share capital post-IPO, and is open to eligible retail and professional investors from 29 December 2025 to 19 January 2026 at an offer price of BHD 0.176 per share.

“As we enter the subscription phase of our IPO, this important milestone marks a significant step forward in Silah Gulf’s growth journey,” said Feras Ahmed, CEO of Silah Gulf. “This offering positions us to accelerate our expansion, strengthen our regional footprint, and advance our long-term strategy. We will continue to explore opportunities that enhance our capabilities and deliver value to our shareholders.”

Esablished is 2009, Silah a multi-award-winning customer experience solutions provider that combines over 15 years of operational expertise in the GCC BPO/CX industry with a  regional presence. The Company consistently delivers exceptional service by leveraging global best practices and deep operational know-how. Silah's comprehensive specialization includes contact center operations, business process outsourcing, training, consulting, and technology services, all expertly deployed across Bahrain, Saudi Arabia, and Kuwait. With a team of over 900 skilled, multilingual professionals, Silah offers high-quality, technology-enabled CX solutions, maintaining a competitive cost structure to meet the growing regional demand.

The IPO is expected to generate BHD 2.9 million in gross proceeds, which will support Silah Gulf’s regional expansion strategy. The funds will be directed toward investing in technology, strengthening operational capabilities, and exploring inorganic growth opportunities that enhance the Company’s service offering and expand its presence across key regional markets.

“Silah Gulf presents an investment opportunity supported by operational fundamentals and a clear, forward-looking expansion strategy,” said Ayman Gadallah, Head of Investment Banking at SICO. “Silah’s move to the public markets underscores the strength of Bahrain’s capital market infrastructure and the supportive ecosystem that enables companies to list successfully. As the Lead Manager, we remain fully committed to ensuring a smooth, transparent, and efficient IPO process for the Company, its investors, and the wider market.”

Investors can submit their applications through the  eipo portal link available at eipo.bahrainbourse.com or in person through the following participating branches of the Bank of Bahrain and Kuwait (BBK): Main branch, Souq Al Baraha Branch, Exhibition Financial Mall Branch, Atruim Mall Branch. Potentail investors are encouraged to read the IPO prospectus for additional information on the offering and the associated risks. The prospectus is currently available electronically at https://silah.bh/, and www.sicobank.com. Print copies of the prospectus and the application form will also be available at all participanting branches of BBK.

The IPO is structured with 70% of the shares on offer allocated to professional investors (i.e., those applying for over 568,182 shares) while 30% of the shares have been allocated to retail investors (i.e., those applying for less than 568,182 shares).

On 3 February 2026, the Company’s shares will be listed and will trade on the Bahrain Bourse under the ticker symbol SILAH. All applicants that have been allocated shares in the IPO are then eligible to trade by opening an account with a Bahrain Bourse registered broker, if they do not already have one.  Furthermore, applicants allotted shares in the IPO will be eligible to participate in any dividends declared for the year ending 31 December 2025, as well as any potential bi-annual dividends distributed by the Company thereafter. The Company has also appointed SICO to provide price stabilization and liquidity provision services from the start of trading on the Bahrain Bourse

SICO is acting as the mandated Lead Manager, Listing Agent, Price Stabilizer, and Liquidity Provider for the IPO. BBK serves as the Underwriter and the Receiving Bank. Bahrain Bourse is the Listing Exchange, Trowers & Hamlins and Hassan Radhi & Associates  are the Legal Advisors to Silah Gulf, PricewaterhouseCoopers is the Financial Due Diligence Advisor, Ernst & Young – Middle East are the Auditors, and Bahrain Clear serves as the Allotment Agent and Share Registrar.

About Silah

Silah Gulf is a premium, multi-award-winning customer experience solutions provider headquartered in the Kingdom of Bahrain since 2009. Silah specializes in contact center services, business process outsourcing (BPO), training, consulting and technology services applying international best practices. Silah has over 15 years in the CX and BPO industry and currently employs over 900 professionals in the region. Silah is a Mumtalakat Holding Company portfolio company.

About SICO

SICO is a leading regional asset manager, broker, and investment bank with USD 8.0 bn in assets under management (AUM). Today, SICO operates under a wholesale banking licence from the Central Bank of Bahrain and also oversees two wholly owned subsidiaries: an Abu Dhabi-based brokerage firm, SICO Invest, and a full-fledged capital markets services firm, SICO Capital, based in Saudi Arabia. Headquartered in the Kingdom of Bahrain with a growing regional and international presence, SICO has a well-established track record as a trusted regional bank offering a comprehensive suite of financial solutions, including asset management, brokerage, investment banking, and market making, backed by a robust and experienced research team that provides regional insight and analysis of more than 90 percent of the region’s major equities. Since inception in 1995, SICO has consistently outperformed the market and developed a solid base of institutional clients. Going forward, the bank’s continued growth will be guided by its commitments to strong corporate governance and developing trusting relationships with its clients. The bank will also continue to invest in its information technology capabilities and the human capital of its 150 exceptional employees.

Media Contact:
Ms. Nadeen Oweis
Head of Corporate Communications, SICO
Email: noweis@sicobank.com